Power Finance Corporation reaches out to NCLT

Power Finance Corp (PFC) has approached the National Company Law Tribunal (NCLT) to start insolvency proceedings against promoters of stressed power projects, officials said. PFC and other consortium lenders have filed appeals with the NCLT under the new Insolvency and Bankruptcy Code (IBC) in some of the cases which include thermal, gas-based, as well as hydro power projects, PFC officials said. The sources, however, refused to confirm media reports that projects with a total of 14,000 MW capacity and involving loans of around Rs 30,000 crore are being considered for taking up with NCLT. Media reports said the cases already before the NCLT include the Konaseema gas power plant, East Coast Power's coal projects, KVK Nilachal, Ind-Barath Madras, Krishna Godavari and JAL's hydro power project in Sikkim.The reports added that projects waiting to go before the Tribunal include Essar Mahan, Maheshwar hydro project and GMR Chhattisgarh, among others.